Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I've gotten no answer from either BMC group itself or from Caroline barezesh. Has anyone ever gotten a private answer?
Lopez boy, the first distribution was administered by lawyers who took quite a chunk out of the available funds. This one administered by BMC group also has to be paid for - not so?. I wonder how much a chunk BMC will take.
Found this:
DEFENDANT COURT EVENT RESULT
ZEV SALTSMAN Pled guilty 3/11/10 PROBATION: 3
years; SPECIAL
ASSESSMENT:
Sentenced 7/28/10 $100.00
MARTIN WEISBERG Pled guilty 5/21/12
Sentencing date pending
STEVEN NEWMAN
EDWARD NEWMAN
Criminal charges in the case involving defendants Steven Newman and Edward Newman were
dismissed on September 5, 2012 pursuant to deferred prosecution agreements requiring forfeiture
and SEC injunctive relief. Since the charges have been dismissed, there are no longer bail
restrictions on either defendant.
Saltsman gets 3 years probation and a $100 fine....OUCH!! Bet that really hurts...
Weisberg sentenced in September - can't find the actual sentence (if any)
Newman(s) - charges dropped. Boy, that'l teach 'em a lesson...
Looking to see if any of these CRIMINALS have actually spent any time in jail yet.....
The Defendants:
STEVEN NEWMAN
Age: 61
EDWARD NEWMAN
Age: 64
ANDREW BROWN
Age: 38
MARTIN WEISBERG
Age: 57
ZEV SALTSMAN
Age: 45
MENACHEM EITAN
Age: 51
The defendants face up to 20 years in prison on each count of conviction for money laundering and money laundering conspiracy, up to 20 years in prison for each count of securities fraud, up to five years for the securities fraud conspiracy count, and fines up to $500,000 on the money laundering and money laundering conspiracy charges, $5,000,000 on the securities fraud charges, and $250,000 on the securities fraud conspiracy charge.
The above from court papers filed in 2007....
No, they are never going to send it. Teh website says they will hold until they get the "other" 500K, on or about April. Yeah right. I emailed asking to send what they have now. If they ever actually receive any more funds, then take the costs off the top for sending the additional amount to us. I dont care. I just want to see some of the money now. No more waiting. Its getting ridiculous. They have 90% of it anyway. the last 10% is only an if,when, maybe type of thing. Starting to disbelieve the whole thing. For someone who asked, their email address is CBarazesh@bmcgroupfederal.com.
Her name is Caroline barezesh. or you could try Pkratz@bmcgroup.com
lopez boy, I think you are correct, we should be getting interest on that pile of cash!
Well recently someone heard that refunds would start at the end of Jan. It's now well into Feb, anyone receive anything yet?
I have been reading incorrectly, thinking the amount received on the first settlement would be subtracted from the amount due on this remission but reading the FAQ's I note:
7. I previously received a distribution from the Class Action Settlement in In re Xybernaut Securities Fraud in the Eastern District Court of Virginia. Will that affect my eligibility for remission in this case?
No. Investors who received a prior distribution in the In Re Xybernaut Securities Fraud private securities litigation will have their recognized loss amount in this case reduced by the amount of the prior distribution.
So if my recognized loss in the first case was for example $100.000.00 and I received $10.000, my recognized loss in this remission will be reduced to $90,000.00 and my settlement will be based on that amount. Am I thinking correctly here?
What is the email address for the BMC group. I must have had it because I sent them an email (unanswered). Thanks
Correct me if I'm wrong but I think the 1st distribution was in the form of a class action lawsuit. The one now is a remission type distribution which should pay out 100% to the victims. I think they should also pay us interest on our $$ that they have held for a long time. Does anyone have different thoughts about what I mentioned??
Lopez Boy
I sent my request but don't expect to hear anything. Can't fight city hall. In the first distribution someone detrmined that the amount of remission would be about 9.1% of the recognized loss and that turned out to be remarkably correct. Has anyone come up with such a figure for this second distribution?Also I'd still like to know what happens to the money in the amount of the first distribution that's supposedly subtracted from the second. I don't know who to ask but at 73 maybe I'll live long enough to find out.
Here is the website:
http://www.xybernautremission.com/EN/contact-information
I think maybe with the "cliff" DOJ can't afford postage.
I am with you. But what is the address of the group? And what is their web site. Ridiculous is hardly the word for it. By April we will have been waiting 2 years and every month since last June they have been saying "before the end of the month". I wonder how many investors there are - 5000? $100.00 more to each? At this point they can keep it. I also note that two years ago the distribution amount was 5 million; now it is "about" 4.3 million. Que pasa?
I've also been wondering about the comment that any amount received from the previous distribution will be subtracted from this distribution. What happens to the subtracted amount? Anyone know? They seem to be two separate things - the first, as I remember, for 3 million and this for 5 million.
CONTACT THE BMC GROUP
Let them know we do not want the funds held. they are stringing us along with suspicious delays, over and over again. As if they did not know the process here. It is getting ridiculous. I suggest everyone contact them and let them know we want what is available now. This is my email to them today:
Caroline,
Please do not hold the funds. Take any additional administrative costs out of potential future funds. The delays are getting predictable and suspiscious. Again, please do not hold the funds. The aditional amount is uncertain. If it does actually become available, I am 100% certain there will be delays and there will be no distribution until much later than April 2013. We would like to see that there actually are funds available in our names more so than maximizing them to the last cent. Help us out here and throw us a bone, if there really is one!
Respectfully,
JF
won't believe it til i receive it! til than i'll be pissed off again
hope they don't insult us with 1% of losses
not holding my breath at this point. I have asked for updates about 4 times now and every time it has been: "next month".
Xybernaut Securities Remission
The United States Department of Justice recently received forfeited funds that were recovered by the United States Government in connection with the criminal prosecution of Zev Saltsman and other principals of Xybernaut Corporation. This website is provided as a service to potential victims. These funds will be returned to Xybernaut investors through a process called “remission.”
Notice: November 28, 2012
The Department of Justice has completed its review of more than 200 requests for reconsideration submitted by persons whose petitions were denied. The U.S. Department of Treasury is currently reviewing all approved petitions for tax liens and other debts that victims may owe to the United States. This review is authorized by the Debt Collection Improvement Act of 1996, 31 U.S.C. § 3716, and will be completed within a few days. Once the debt review is complete, the forfeited funds will be transmitted to the Remission Administrator for distribution. Every effort is being made to complete the remission process in an expeditious manner. Please visit this website for further updates on the distribution.
Exactly, where is our money? !
i neeed some xybr cash to avg down on expu soon.
its nov and still nothing. oh and what broker do you have?
gentelmen, i filed my xybernaut away years ago, and have not been following the stock. can someone give me a breifing of what has happend. and is it to late to make a claim. i still get a statment from my broker and xybernaut is listed.
its oct.,and still nothing!
From the XYBR remission site:
Notice: September 13, 2012
The Department of Justice is currently reviewing more than 200 requests for reconsideration submitted by persons whose petitions were denied. This review must take place before any funds can be distributed. Neither the DOJ nor the Remission Administrator can estimate the date of distribution at this time. Every effort is being made to complete the reconsideration process in a timely manner giving thorough consideration to each request.
its sept...still waiting and waiting.maybe i get 10.00 for a pitcher of beer and lotto tkt.
Thanks for the follow-up vawedo.
Tim
according to my tel.con of today..claims will be paid in September..yahoooo...however we had similar promises before...lets wait and see. Best to you all
Thank you for the information. And sorry I have not reply sooner.
I received an email today---
Thank you for your email regarding the timeline for payments for the Xybernaut Remission. We are planning to distribute checks to eligible claimants in around 60 days.
Sincerely,
Caroline P. Barazesh, PMP
Project Manager
I followed up with an inquiry about potential remission amounts based upon our filings---she responded
We don’t know at this stage as we haven’t done the calculations yet- the delay was caused by waiting for people to correct deficient claims. It shouldn’t be too much longer!
Caroline P. Barazesh
952.404.5709
This is curious considering the ominous drop-dead-date for returning deficient claims if I recall----
So, hope this brings hope to some...just thought i would share.
best,
c
There is some BS going on here. Our money is lining the pockets of the fund administrators!!! Time to escalate this.
Following is my correspondence with the administrators over time. Look at the various dates. They keep pushing it out...getting very impatient!!
31-1-2012 15:40
There is not a date as to when the funds will be distributed. I expect it may be at least 3 months before checks are issued.
Kelley Bethke
__________________
bmcgroup
From: xxxxxxx
Sent: Tuesday, January 31, 2012 2:55 AM
To: Kelley Bethke
Subject: Fwd: Re: Xybernaut Remission
Hi Kelly,
this is my 3rd request for info..pls drop me a line. Thank you
regards
-------- Original Message --------
Subject:
Re: Xybernaut
Date:
Tue, 03 Jan 2012 11:30:50 +0100
From:
xxxxxxx
To:
Kelley Bethke <kbethke@analytics-inc.com>
Happy New Year Kelley!
Is there an amount or a firm date known as 3 month have gone by since your last message. Thank you
regards
On 5-10-2011 17:08, Kelley Bethke wrote:
Good morning, xxxxx,
Thank you for your inquiry regarding the Xybernaut remission. We anticipate settlement checks will be mailed within the next 3 months.
Regards,
Kelley Bethke
Project Manager | Paralegal
bmcgroup
o: 952.404.5731
c: 952.388.4375
kbethke@bmcgroup.com
_________________________________
18750 Lake Dr E. Chanhassen, MN 55317
Corporate Lawyer Pleads Guilty in Escrow Theft and Stock Scam
Martin Weisberg's plea before Eastern District Judge Nicholas Garaufis came as jury selection was about to begin in a trial of one of two separate indictments against him.
Andrew Keshner
05-22-2012
http://www.law.com/jsp/article.jsp?id=1202555407913
A former New York partner of Baker & McKenzie pleaded guilty yesterday in Brooklyn federal court to money laundering and conspiracy to commit securities fraud.
Martin Weisberg's plea before Eastern District Judge Nicholas Garaufis came as jury selection was about to begin in a trial of one of two separate indictments against him. He pleaded guilty to one count from each of the indictments.
In the case that was to go to trial yesterday morning, Weisberg was accused of telling three clients—SIAM Capital Management and two affiliates, Regenmacher Holdings Limited and JMV Fixed Income Arbitrage Performance Partners—he would place $30 million in an escrow account for them but that the account would not earn interest for their benefit. He then deposited the money in an interest-bearing account that generated $1.6 million between August 2006 and October 2007. Prosecutors claim Mr. Weisberg stole $1.3 million.
The Eastern District U.S. Attorney's Office contended that Weisberg compounded his wrongdoing by sending the clients letters on law firm letterhead reporting false account balances.
He was charged with 10 counts of wire fraud and one count of money laundering in a 2008 indictment in United States v. Weisberg, 08-cr-00347 (NYLJ, May 27, 2008).
The other case, indictment 07-cr-00641, centered on the secret issuance of discounted shares in two companies—Xybernaut Corporation, a Virginia-based maker of portable computer hardware, and Ramp Corporation, a New York company developing health care software—to two Israeli investors, Zev Saltsman and Menachem Eitan.
Weisberg was a partner with now-defunct Jenkens & Gilchrist for most of the duration of the alleged stock fraud scheme.
Ex-Xybernaut executives, who are scheduled to be tried in October, allegedly sold the shares and participated in the scheme to pay $1.7 million in kickbacks to Weisberg, who omitted required information from SEC filings. Weisberg was the outside counsel to Xybernaut and Ramp and a member of Xybernaut's board.
In a 2007 indictment, United States v. Saltsman, 07-cr-00641, Weisberg was charged with conspiracy to commit securities fraud, securities fraud and money laundering (NYLJ, Oct. 22, 2007).
He faces up to 10 years of prison on the money laundering charge and five years on the securities fraud conspiracy charge.
Under the plea agreement discussed in court, prosecutors will seek an unspecified period of incarceration. Weisberg, in turn, will not appeal his sentence if it is below 97 months. Sentencing is scheduled for Sept. 14. Prosecutors estimated in court that the guidelines sentencing range could fall between 78 and 97 months.
"I deeply regret this action on my part," Weisberg said while reading a statement regarding his money laundering guilty plea in front of the judge. Likewise, he expressed regret when pleading to the conspiracy charge.
"My actions were wrong and in violation of the law and again I deeply regret my actions," he said, again reading from the statement.
Weisberg, 61, who remains free on bail pending sentencing, declined to comment after the proceeding. One of his attorneys, George Stamboulidis of Baker & Hostetler, declined to comment.
A Securities and Exchange Commission action filed in the Eastern District against Weisberg and the other defendants in the stock fraud scheme, SEC v. Saltsman, 07-cv-04370, is still pending.
When SIAM learned of the stock fraud indictment, it terminated Baker & McKenzie as counsel.
The alleged misuse of the escrow account was revealed after Weisberg's earlier stock fraud indictment was announced, according to the Eastern District U.S. attorney.
According to court papers filed for Weisberg, he fully repaid the funds he took from the account and argued he had received verbal permission to borrow the interest on the funds.
Weisberg previously tried to have the money laundering count thrown out but Garaufis denied the motion in September 2011. Weisberg also previously contended the 10 wire fraud counts were faulty due to improper venue but subsequently withdrew the motion.
In 1991, Weisberg was one of seven defendants indicted by federal prosecutors in Texas for a currency-trading Ponzi scheme. But he was the only defendant acquitted in the ensuing trial (NYLJ, Oct. 23, 2007).
Weisberg and Baker & McKenzie were also sued in U.S. Bankruptcy Court in Delaware by Industrial Enterprises of America. The complaint, filed in April 2011, contended Weisberg and his former firm "created a legal structure that enabled an unlawful pump and dump scam, misleading or outright false NASDAQ and SEC filings, and participation in a host of internal corporate malfeasances designed to raid the company of its working capital."
The parties reached a confidential settlement agreement that was filed in court earlier this month.
Weisberg, a 1975 graduate of Northwestern University Law School, joined Baker & McKenzie in 2005 from the New York offices of Atlanta's Troutman Sanders. He resigned days after the stock fraud indictment was announced in October 2007.
A Baker & McKenzie spokesman did not immediately respond to a request for comment.
Lauren Resnick of Baker Hostetler also represented Weisberg on the escrow case.
Richard Albert of Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer represented Weisberg on the stock fraud case.
Eastern District Assistant U.S. Attorneys Ilene Jaroslaw and John Nowak appeared for the government.
@|Andrew Keshner can be contacted at akeshner@alm.com.
http://www.law.com/jsp/article.jsp?id=1202555407913
Hi bep, A few months ago I contacted the original prosecutors with some questions and received this reply:
We understand that the U.S. Department of Justice is distributing funds to former Xybernaut shareholders that were obtained as a result of the criminal prosecution of one of the Company’s officers. Any communication you may have recently received likely concerned this criminal case by the Federal government, not the civil lawsuit in which we were only initially involved several years ago. You should try this website for more information regarding the government’s distribution: http://www.xybernautremission.com/
We hope this information is useful.
Patrick A. Klingman
Shepherd, Finkelman, Miller & Shah, LLP
65 Main Street
Chester, CT 06412
The website give more contact information, but I'm beginning to think that the funds are being eaten up by the disbursement administration company. The longer we have to wait (this wait is ridiculous) the less funds there will be to disburse. I hope I'm wrong. There must be some recourse, or way of keeping these people honest.
nothing yet for me either,hopefully by june? i've got about 2 hrs into this claim already,and for what!
can you please tell me who is handling the claim? I notice you gave the phone number, but wonder if you have the company name. thanks for your help.
I called the fund administrator today. After going through the 9 question auto answering machine, I spoke to a person. I expressed my concerns and questioned when the money would be disbursed. He first of all confirmed my claim (had accurate information), then said the matter is being reviewed by the Justice Department. I find this kind of strange, but then asked how long before the money would be distributed. He said a few days, and when I pushed for a more accurate answer he said 60 days. Still seems strange it's taking so long. I think more of us should be calling in and asking questions. The number is 1 877 722 9001. If we don't hear something in the next few months, we have to dig deeper.
kind regards
Ken
What is happening to the settlement amount? Is it being eaten up by those "looking after" distribution? Why is this taking so long? I submitted my claim in May 2011, and have heard nothing. I did send it registered mail, so I know they did receive it.
Isn't anyone worried that this is just going to silently go away along with our money? I lost 30K @#$%$#@!
still have not got a penny
FYI - I called the administrator about a week ago and she was very friendly, but came off no information as to when or if the money would be distributed. At least she had my name, address and claim number within seconds of my inquiry. Made me feel like it wasn't a scam. I lost almost $78K so I'll take 1% and be happy. Kevin
They got my submission on 6/30/2011. Not a word since. I notice that the company which was handling (Analytics) has been bought (BMCGroup).
Here is the latest version of the FAQ:
http://www.xybernautremission.com/EN/faq
And here is latest contact info: >>
If you have any questions about the remission administration or if you experience technical problems with this website, please contact the Remission Administrator toll free at 1 (877) 722-9001, or by fax at: 1(866) 208-3614, or in writing at the following address:
Xybernaut Securities Remission
c/o Analytics, Inc., Remission Administrator
P.O. Box 2007
Chanhassen, MN 55317-2007
This website is maintained by BMC Group / Analytics, Inc., the Claims Administrator for this settlement. We are a neutral third party engaged to provide information to class members. <<
I will give them a call on that 877 number on Monday if I have time.
Stephen
Happy to hear you have some contact.. This is a long wait, almost think this is a scam. My bank is trying to get me to remove this stock from my LIRA (locked in retirement fund) which I should have done a long long time ago... but with a possible settlement, I don't know if I should just yet. I had 30K shares at one point, so even 10% would be nice.
i had to re-submit a month ago with a nov due date. be a sweet xmas present if we got more than 5-10% back.my 10% is about 240.00
would need a 10bagger to get even.lol
Not a peep. how long does it take to distribute some cash? Has anyone received any notice? Has anyone received a confirmation of their submission? I sent mine in registered mail so I know it got there... 3 months and counting...
Followers
|
24
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
626
|
Created
|
08/03/00
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |